How to find a great Forex broker
Posted 12/29/2017 in 9 by Chin Tac

How to find a great Forex broker

If you’re starting or considering to get into forex trading, it’s not enough to find a good trading platform. Scoring a great forex broker should also be one you should look into as it perhaps is one of the biggest moves in trades you’ll ever make. 

Working side by side with an experienced forex broker as you go along your trading journey can be beneficial to your financial investment. Yes, this will ignite risks but you clearly should’ve known beforehand that risks are high in this industry.

Look for a reputable and reliable forex broker who fits your needs to guide you through the journey. Here are some points on how you can find the one that suits you.

Conduct a demo account

Anyone can say they’re an expert and know how to manage trades. But you wouldn’t know that for a fact until they do a demonstration. Conduct a demo account with your potential broker and monitor their performance, how they work and knowledge, and most importantly, how good of a service they provide. This should help narrow down your choices.

Make sure they're regulated

Prioritize security overall. Do make sure that you check the credibility of the broker and see if they’re well-recognized and regulated in the industry. You wouldn't want to hand thousands of dollars or more to someone willy-nilly, do you? Even if they claim how legit they are, if they can’t show any papers and proof of credibility and legitimacy, skip on them. Have preventive measures from frauds.

Make sure they're reputable

Since the forex industry is a growing market, scams are frauds come as no surprise. This is where reputation plays an important role when looking for a forex broker. You may have found a fitting broker for but is that what their previous clients think? Observe diligence when researching and keep an eye on possible scams.

3Rs: Research, Reviews, and Recommendations

A quick Google search shall direct you to find credible forex brokers, however, this way of scouting might only give you ample results in telling much about the brokers themselves. If they have professional profiles shown on search engines, do look into it and contact them.

Do also take time to look into reviews and ask for recommendations from friends who do forex trading and known people in the community. Look into both sides of the coin, the good and bad, and make a wise decision from there.

Customer service reliability

Forex trading runs 24/7 which makes outstanding and reliable customer support an apt and tough requirement when looking for forex brokers. You should be able to contact them whenever you need to and talk to them in great communication. Auto attendants are time-consuming so make sure you hire someone who you can actually talk to. Give them a quick call and shoot them a few questions, this should give you a rough idea of how their customer service is.

Have you got anything to add? Share your thoughts with us!

About the author: 
Chie writes about forex for FP Markets, an established global CFD and Forex provider with over 12 years industry experience. They aim to be a one-stop destination where traders could access a full suite of trading products in global markets.

Posted By

Chin Tac

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